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Preferred Equity and Mezzanine Loan Investments (Tables) | 6 Months Ended
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Jun. 30, 2018
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] |
Schedule of Preferred Equity and Mezzanine Loan Investments | investments consist of the following as of June 30, 2018 and December 31, 2017 (dollar amounts in thousands):
| June 30, 2018 |  | December 31, 2017
Investment amount | $ | 178,372 |  |  | $ | 140,560 |
Deferred loan fees, net | (1,631 | ) |  | (1,640 | )
Total | $ | 176,741 |  |  | $ | 138,920 |
The geographic concentrations of credit risk exceeding 5% of the total preferred equity and mezzanine loan investment amounts as of June 30, 2018 and December 31, 2017 are as follows:
| June 30, 2018 |  | December 31, 2017
New York | 23.9 | % |  | 24.1 | %
Texas | 15.7 | % |  | 24.3 | %
Florida | 13.5 | % |  | 3.9 | %
Virginia | 8.5 | % |  | 10.8 | %
Tennessee | 6.2 | % |  | — |
Alabama | 5.7 | % |  | 7.1 | %
South Carolina | 5.6 | % |  | 7.0 | %
The following tables present the classification and carrying value of unconsolidated VIEs as of June 30, 2018 and December 31, 2017 (dollar amounts in thousands):
| June 30, 2018
| Investment securities, available for sale, at fair value, held in securitization trusts |  | Receivables and other assets |  | Preferred equity and mezzanine loan investments |  | Investment in unconsolidated entities |  | Total
Multi-family CMBS | $ | 50,134 |  |  | $ | 72 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,206 |
Preferred equity investments in multi-family properties | — |  |  | — |  |  | 170,110 |  |  | 8,519 |  |  | 178,629 |
Mezzanine loan on multi-family properties | — |  |  | — |  |  | 6,631 |  |  | — |  |  | 6,631 |
Equity investments in entities that invest in multi-family properties | — |  |  | — |  |  | — |  |  | 27,302 |  |  | 27,302 |
Total assets | $ | 50,134 |  |  | $ | 72 |  |  | $ | 176,741 |  |  | $ | 35,821 |  |  | $ | 262,768 |
| December 31, 2017
| Investment securities, available for sale, at fair value, held in securitization trusts |  | Receivables and other assets |  | Preferred equity and mezzanine loan investments |  | Investment in unconsolidated entities |  | Total
Multi-family CMBS | $ | 47,922 |  |  | $ | 73 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,995 |
Preferred equity investments in multi-family properties | — |  |  | — |  |  | 132,009 |  |  | 8,320 |  |  | 140,329 |
Mezzanine loan on multi-family properties | — |  |  | — |  |  | 6,911 |  |  | — |  |  | 6,911 |
Equity investments in entities that invest in multi-family properties | — |  |  | — |  |  | — |  |  | 25,562 |  |  | 25,562 |
Total assets | $ | 47,922 |  |  | $ | 73 |  |  | $ | 138,920 |  |  | $ | 33,882 |  |  | $ | 220,797 |
The following table summarizes the Company’s securitized debt collateralized by multi-family CMBS and distressed residential mortgage loans (dollar amounts in thousands):
| Multi-family CMBS Re-securitization (1) |  | Distressed Residential Mortgage Loan Securitizations
Principal Amount at June 30, 2018 | $ | 33,262 |  |  | $ | 31,827 |
Principal Amount at December 31, 2017 | $ | 33,350 |  |  | $ | 53,089 |
Carrying Value at June 30, 2018 (2) | $ | 29,628 |  |  | $ | 31,398 |
Carrying Value at December 31, 2017 (2) | $ | 29,164 |  |  | $ | 52,373 |
Pass-through rate of Notes issued | 5.35% |  | 4.00%
(1) | The Company engaged in the re-securitization transaction primarily for the purpose of obtaining non-recourse financing on a portion of its multi-family CMBS portfolio. As a result of engaging in this transaction, the Company remains economically exposed to the first loss position on the underlying multi-family CMBS transferred to the Consolidated VIE. The holders of the Note issued in this re-securitization transaction have no recourse to the general credit of the Company, but the Company does have the obligation, under certain circumstances, to repurchase assets upon the breach of certain representations and warranties. The Company will receive all remaining cash flow, if any, through its retained ownership.
(2) | Classified as securitized debt in the liability section of the Company’s accompanying condensed consolidated balance sheets.

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